Why Buying a Home is a Massive Decision

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A house is a house and a mortgage is a mortgage. They both tip the scale to create one, extremely expensive, life changing transaction.Who are fortunate enough get to go through this sacred event, but it should be embarked upon with extreme caution. In 2013, with he economy fluctuating, some people can feel pressured to join the Mortgage Club.

Take caution and engage in proper research, as having a mortgage is something that requires maturity and organization. When people decide on purchasing a house, not only will they have to decide on the paint colour, they will be responsible for everything involved.

1. The decision

Having a house is not a bad idea. It is the goal of most families as they grow older into more stable financial situations. However, there is a time and a place and that should be understood for any potential homeowner who is on the fence about the decision. Going from renting to owning is a big step. There is no denying that the long term benefit of paying a mortgage is far greater than that of paying rent. However, it is crucial to stay within your budget to make sure you have enough money to pay the mortgage, along with all of your other expenses.

2. The reality

Something that I was guilty of at one point was thinking that when you decide to buy a house, all that needs to be done is putting down 15-20% down payment and then basically pay rent to yourself until the house is paid off. Sure, the really watered down general principle of that is true, if you ignore all of the other costs. When you decide to close on a house you will be responsible for insurance, processing fees, closing fees and other hidden costs. This doesn’t even include the movers.

3. Everyone is unique

It is very important to understand that buying a home is a big deal. Just because the movies say that you need to meet the love of your life in the office when you’re 28 and buy a house doesn’t mean you have to. Take a deep breath and realize what you already know, that you are different than everyone else. There is no rush. If you are comfortable with your finances and your lifestyle, consider that a blessing. If you are working through the financial obstacles of life with ease, consider buying a house and setting yourself up for the future.

4. It’s a process

Buying a house is a privilege that should inspire feelings of stability and delight. While it can seem all fun and dandy, the whole ordeal is a process. There are many obstacles and many more obligations to get through before the key reaches the hand. Be sure that proper analysis is performed during the decision development when it comes to becoming a homeowner.

Make sure that even when your bank says you are pre-approved, that you personally approve yourself to manage that type of budget. It can be daunting, but on the reverse side, it is very exciting. The level of enjoyment will rise as the level of your preparedness does. The more you are settled mentally in understanding what the purchase means, you will be better off with your decision and live a happier life.

5. The goal

The end result of anyone buying a home is personal satisfaction and financial stability. We value our lifestyle, family and friends above all else. The acquiring of a home is a huge step in the process of life, and people should not be rushed to complete it. Everyone in life moves at their own pace, and this should be no different for large purchases. Real estate will always be around, and so will the unique property for the unique person.
Be picky with your prospective homes. Ask your friends for their opinion. Enjoy yourself, and set your standards to what you deserve to best set you up for the future.